Credit Union Residential Loan Parity Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (May 21, 2015)
Credit Union Residential Loan Parity Act
Amends the Federal Credit Union Act to revise the definition of "member business loan," which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is a member's primary residence.
Removes the condition that the dwelling be a member's primary residence, and so denying eligibility for a member business loan to any requested extension of credit that would be fully secured by a lien on a 1- to 4-family dwelling, regardless of whether it is or is not the member's primary residence.
Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.
What just happenedMay 21, 2015
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3243; text of measure as introduced: CR S3243)
Who’s behind it
- Introduced in SenateMay 21, 2015
- May 21, 2015IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3243; text of measure as introduced: CR S3243)
Banking, Housing, and Urban Affairs Committee - May 21, 2015IntroReferral10000
Introduced in Senate